Range Resources reveals rise in revenues and oil production

Range Resources said on Friday revenues for the last half of 2012 jumped 53 per cent on the back of increased oil production.

Range Resources said on Friday revenues for the last half of 2012 jumped 53 per cent on the back of increased oil production.

The oil and gas company reported revenues of $15.7m, up from $10.2m a year earlier, driven by a 60% increase in oil and liquids production to 164,693 barrels.

The group narrowed its post-tax losses by 15% to $9.6m for the period as the company announced a 29% rise in proved, provable and possible (3P) net attributable reserves across three onshore Trinidad licences.

A recent reserves report revealed a 30.5m barrels increase in total unrisked net prospective resources across the company's licences to 40.5m barrels.

During the period, the firm's Lower Forest development programme on the Morne

Diablo licence in Trinidad reached record peak production of 1,000 barrels of oil per day, a 120% jump since acquisition.

Strong operational performance was also achieved in prospects in Texas, Columbia, Puntland, Guatemala and Georgia.

Shares fell 6.64% to 4.22p at 11:26 Friday.

RD

Recommended

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Investing in drugmakers: uncommon profits from curing rare diseases
Share tips

Investing in drugmakers: uncommon profits from curing rare diseases

Treatments for medical conditions with only a small number of sufferers can still be very attractive for pharmaceutical companies and investors becaus…
20 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022
Delivering profits: should you buy Royal Mail shares?
Share tips

Delivering profits: should you buy Royal Mail shares?

The volume of parcels delivered by Royal Mail soared during the pandemic, and so did its profits. But it has been coming under pressure lately. So, as…
19 May 2022

Most Popular

Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022